India Exposition Mart prompted Sebi to launch an IPO

India Exposition Mart Ltd, a leading venue for integrated exhibitions and congresses, has received capital market regulator Sebi to raise Rs 600 through an initial public offering (IPO).

The initial sale of shares includes a new issue of shares worth up to 450 rupees and an offer for sale (OFS) of up to 1,12,10,659 shares from existing shareholders, according to the draft Red Herring Prospectus (DRHP).

Those offering shares in OFS include Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Aggarwal and Pankaj Garg.

According to market sources, the company is likely to raise about 600 rupees through the initial sale of shares.

The company, which filed preliminary documents for an IPO with Sebi in March, received its “observation” letter on June 16th, according to an update from the market regulator on Monday.

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In Sebi’s language, his observations suggest that he will launch an IPO.

According to the draft documents, the company may consider private placement of shares totaling up to Rs 75. If such a preliminary IPO is made, the amount of the new issue will be reduced.

From the new issue of 450 rupees, the company plans to use about 316.91 rupees to expand its existing infrastructure, 17 rupees to pay off debt and for general corporate purposes.

Located in Greater Noida, India Exposition Mart is one of the major providers of planning locations and suppliers in the country, providing world-class technology-based facilities and safety standards for world exhibits, conferences, congresses, product presentations and promotional events. , among other things.

India Exposition Mart had revenues of Rs 13.30 million in the 21st financial year and for the six months ended 30 September 2021 had revenues of Rs 10.66 million, which mainly included revenues from the rental of space for fairs and exhibitions and revenues from maintenance services.

Emkay Global Financial Services is the only leading book manager, and Kfin Technologies is the registrar of the offer

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